Now, according to today’s bankruptcy filing, EchoStar has loaned $75 million to TerreStar Networks and pledged another $100 million toward the company’s emergence from Chapter 11 under a plan EchoStar helped craft. EchoStar is also rumored to own most of TerreStar’s debt.

TerreStar’s reorganization announcement said EchoStar will be able to convert debt for equity in TerreStar in return for the loan and back-stop pledge.

“The commitment EchoStar has made to support our restructuring will allow us to maximize value for all our stakeholders and allow us to emerge from chapter 11 on an expedited time frame,” said CEO Jeffrey Epstein.

It it also gives EchoStar more say over what TerreStar does with its the broadcast spectrum it uses for wireless voice and broadband service.

That’s where Falcone’s other company, LightSquared, comes into play.

LightSquared plans to offer wholesale wireless service that other companies can use for phone and broadband in Denver and five other markets within a year, and nationally by 2015.

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